Markets News, April 10, 2025: Dow Drops 1,000 Points, Nasdaq Plunges 4% as Market Erases Big Piece of Previous Day's Massive Gains (2025)

The Biggest S&P 500 Movers on Thursday

April 10, 2025 06:07 PM EDT

Decliners:

• Shares of health care diagnostics and drug discovery services provider Charles River Laboratories (CRL) plummeted 28.1%, the steepest decline of any S&P 500 stock on Thursday. The downturn came after Barclays analysts cut their price target on the stock, suggesting that potential pharmaceutical tariffs could weigh on budgets in the industry and stifle Charles River's performance.
• Carmax (KMX) shares plunged 17% after the used-car retailer reported lower-than-expected sales and profits for its fiscal fourth quarter. The company opted not to provide specific financial forecasts for fiscal 2026 and stepped away from its previously announced long-term growth targets, noting that macroeconomic factors could affect its timeline for reaching those objectives. Analysts have suggested that tariffs could result in higher prices for new and used vehicles.
• After yesterday's blistering rally for semiconductor stocks, downward pressure on chipmakers resumed on Thursday. A day after securing the S&P 500's top performance, shares of microprocessor manufacturer Microchip Technology (MCHP) tumbled 13.6%. Shares of power module specialist Monolithic Power Systems (MPWR)also gave back a portion of Wednesday's strong gains, falling 13.7%.
• Warner Bros. Discovery (WBD) shares lost 12.5% after the China Film Administration said it would cut down the number of American films imported into the country as trade tensions escalate between the world's two largest economies. The entertainment giant announced late last year that it would split its TV business from its streaming and film operations.

Advancers:

• Gold futures prices advanced more than 3% as tariff-related uncertainty boosted demand for the precious metal, which is often seen as a safe-haven investment during periods of economic turbulence. The price uptick helped lift gold-mining stocks. Shares of Newmont (NEM), the world's top gold producer, notched the strongest gain in the S&P 500, jumping 4.5%.
• Shares of fixed-income trading platform operator MarketAxess Holdings (MKTX) advanced 3.5% on Thursday, recovering from a slight decline posted in the prior session. Earlier this week, analysts at Morgan Stanley upgraded MarketAxess stock to "overweight" from "equal weight," indicating that the need to hedge against risk in the current economic environment could drive additional trading volume for exchanges.
• Kroger (KR) shares gained 3.1% on Thursday. When releasing its latest earnings report in early March, the operator of the largest chain of traditional grocery stores in the U.S. said it anticipates a relatively limited impact from tariffs, highlighting plans to diversify its supply chains, negotiate with suppliers, and source products from countries facing lower levies.

-Michael Bromberg

Gold Hits Record High, Miner Stocks Surge

April 10, 2025 05:23 PM EDT

The price of gold hit an all-time high Thursday, with shares of Newmont (NEM) and other miners surging along with it as investors soughtsafe havenassets amid tariff-fueled volatility.

Theprice of goldrose nearly 4% Thursday to a record $3,194.20 per ounce. Meanwhile, Newmont shares rose close to 5%, making it the best-performing stock in the S&P 500 Thursday. Barrick Gold (GOLD) shares added nearly 3%, while Kinross Gold (KGC) climbed 5%, and Gold Fields (GFI) jumped over 8% to close at an all-time high.

Long viewed as a safe haven asset, investors have flocked to gold amidworries about tariffsand economic uncertainty. Thursday's rally for gold and miner stocks came as broader markets declined, giving back a significant chunk of Wednesday's historic gains.

-Andrew Kessel

Major Indexes Still on Track to Break Two-Week Losing Streaks

April 10, 2025 04:53 PM EDT

Despite today's steep declines, major indexes will enter Friday's session on track to snap two-week losing streaks.

Through Thursday's close, the Dow Jones Industrial Average is up 3.3% for the week, while the S&P 500 and Nasdaq Composite have gained 3.8% and 5.1%, respectively.

Stocks have endured a week of remarkable volatility. The Dow has swung more than 2,000 points between its high and low of the session every day so far this week.

Do Airlines Face Long-Term 'Demand Destruction'?

April 10, 2025 04:36 PM EDT

An aviation industry analyst believes air travel could face "demand destruction" as a result of the Trump administration'stariff policies.

Visual Approach Analytics said Thursday the White House's "deep step toward deglobalization will negatively impact commercial aviation, which is built to connect the globe."

Demand hasalready begun to soften, with international travelers visiting the U.S. down 25% fromCanadaand Mexico, and an estimated 10% worldwide, the firm added. "We believe the threat to aviation is in demand destruction, a long-term impact largely dependent upon economic scenarios," it said.

In the short term, this could benefit U.S. airlines, which have a relative point-of-sale advantage, Visual Approach said.Delta Air Lines(DAL), for instance, said on its first-quarter earnings call Wednesday that it has seen strong summer bookings, according to a transcript provided by AlphaSense.

In the longer-term, however, growth is likely to fall, the analyst said. With tariffs in place, aircraft made for American carriers outside the U.S. are "likely to be parked," VAA said, adding that "the incentive for the U.S. airlines is to stall for time while the uncertainty is eventually resolved." Delta CEO Ed Bastian said on the earnings call that the carrier nolonger envisions growingthis year and "will defer any deliveries that have a tariff."

Shares of Delta sank 11%, as did those of rival United Airlines (UAL), while American Airlines (AAL) plunged more than 14%. Each of the stocks had soared more than 20% yesterday.

-Andrew Kessel

QQQ Levels to Watch as Nasdaq 100 ETF Slides After Rally

April 10, 2025 03:37 PM EDT

The Invesco QQQ Trust (QQQ) tumbled Thursday after surging 12% yesterday following President Trump'sannouncement of a 90-day pauseon many tariffs.

Wednesday's rally saw the tech heavy Nasdaq 100, the index that theexchange-traded fundtracks, post its biggest one-day gain since January 2001 at the height of thedotcom bubble.

The QQQ fund has closed lower six out of the last eight weeks and trades down about 13% since the start of the year, though Wednesday’s relief rally pared the lion’s share of the ETF’s post-"Liberation Day" losses. Tariff uncertainty, coupled with concerns overAI spendingand slowing corporateearnings, have weighed heavily on the fund in recent months.

Since minting its record high in mid-February, the QQQ fund slumped as much as 26% before yesterday’s impressive reversal, placing thecorrectionin the same neighborhood as the 31%Covid-19-induced drop between mid-February and late March of 2020.

It’s worth pointing out that the fund has registered its highest weeklyvolumesince May 2022, possibly indicatingcapitulationselling before larger market participants returned from the sidelines looking for buying opportunities after the steep sell-off.

Moreover, Wednesday's bullish reversal coincides with therelative strength index (RSI)climbing out ofoversoldterritory. However, the indicator remains below the 50 threshold, a level that signals neutral price momentum.

Investors should watch crucial support levels on QQQ's chart around $448 and $402, while also monitoring key resistance levels near $503 and $540.

Read the full technical analysis piece here.

-Timothy Smith

The Key Questions Facing the Bond Market

April 10, 2025 02:26 PM EDT

The bond market may indeed be “beautiful,” as President Donald Trump declared after a historic day for markets. But it’s also a little confused.

Bond markets stabilized some Wednesday on the news of Trump’s90-day reprieve on punitive country-by-country tariffs, but were rocky again Thursday. But, some big questions for bond investors remain unanswered. Will the tariffs that Trump stuck with—orescalated in China’s case—prompt an inflation rebound? And has Trump inflicted permanent damage to global investors’ demand for U.S. government debt?

The questions are relevant far outside of Wall Street, since bond markets affect mortgage rates for homebuyers and are a key part of retirement portfolios.U.S. government bonds also underpin the global financial system, and this week’s turbulence showed some cracks that may not be patched soon.

“Unfortunately, Pandora's tariff box is open, and the 90-day reprieve still leaves massive uncertainty on the table,” Andrew Brenner, head of international fixed income at NatAlliance Securities, wrote in a note to clients on Thursday.

Bond volatility is “off the charts,” he added, pointing to the massive jump in the interest rate on bonds this week. Traders are still scratching their heads about the precise reason or reasons behind the volatility.

Read the full article here.

-Polo Rocha

Apple Resumes Its Slide After Best Day Since 1998

April 10, 2025 01:15 PM EDT

Apple (AAPL) shares tumbled Thursday, giving back some of their gains from a historic rally yesterday when President Trump paused most of the tariffs that took effect overnight.

Apple stock was down 6% in recent trading. Shares skyrocketed 15.3% yesterday, their biggest one-day gain since 1998, after President Trumpannounced a 90-day pauseon nearly all of the “reciprocal tariffs” he unveiled last week.

Apple has beenhit particularly hardby President Trump’s tariffs, especially those on China, where the company manufactures an estimated 90% of its products. Shares slumped nearly 25% between Trump’s tariff announcement last week and yesterday’s pause.

Bank of America analysts on Monday maintained a “buy” rating on Apple stock, citing its stable cash flows, resilient earnings, and potential benefits from AI. And in a note on Tuesday, BofA called the pullback “a particularlyenhanced buying opportunityfor investors to own a high-quality name.”

Despite Wednesday’s tariff pause, Apple still finds itself in the middle of escalating U.S.-China tensions. China matched Trump’s 34% tariff rate last week, a move that prompted Trump to further increase tariffs on Chinese imports. Another round of retaliation from China led Trump on Wednesday to raise the rate on Chinese goodsto 125% from 104%.

Apple isreportedly planningto ship more U.S.-bound iPhones from India to mitigate the tariff impact. Morgan Stanley analysts in a note on Wednesday said Apple would need to double iPhone production in India to completely decouple U.S. consumers from Chinese manufacturing. “To us, this is fathomable, but might take longer than 6-12 months,” the analysts wrote.

In the near term, Apple could pull its lower-margin, low-storage iPhone models and lean into financing plans to offset the headwind of higher prices, according to analysts.

-Colin Laidley

Tesla Stock Price Levels to Watch Amid Recent Volatility

April 10, 2025 12:21 PM EDT

Tesla (TSLA) shares tumbled Thursday after surging 23% yesterday following President Trump's decision to delay some tariffs for 90 days.

The electric vehicle maker's stock has faced significant selling pressure in recent weeks amid worries aboutweaker-than-expected deliveriesandpolitical backlashto CEO Elon Musk’s involvement in the Trump administration. Uncertainty over the Trump administration'stariffshave added to concerns, with Musk reportedly urging the president earlier this week to reverse Washington's sweeping import duties.

After falling below the200-day moving averagein early March, Tesla shares have carved two troughs on the chart, potentially forming adouble bottompattern.

As the most recent trough made a slightly lower low, therelative strength index (RSI)made a comparatively shallower low to create abullish divergence, a chart signal that could point to waning selling momentum.

Investors should monitor a key support level on Tesla's chart near $225, while watching overhead areas around $289, $360, and $430 if the stock resumes its upswing.

The stock was down 10% at around $245 in midday trading.

Read the full technical analysis piece here.

-Timothy Smith

US Steel Stock Drops as Trump Pushes Back on Japan Deal

April 10, 2025 11:31 AM EDT

Shares of U.S. Steel (X) tumbled Thursday morning after President Donald Trump reportedly said that he doesn't want foreign ownership of the company.

Trump said that he doesn't want U.S. Steel purchased by “any other place,” Bloombergreported.

Trump pointed to higher steel orders for the company as an indication of its improved footing, the report said. The president also said that U.S. Steel was "the number one company in the world for a long time,” according to the report, adding “that’s why we don’t want to see it go to Japan, and we love Japan but U.S. Steel is a very special company."

Earlier this week,Trump ordered a reviewof Nippon Steel's proposed takeover bid after former President Joe Bidenblocked the $14.1 billion deal, based on the view that the sale could pose a threat to national security. The companies hadsuedthe U.S. government to challenge the decision.

Shares of U.S. Steel, which were down about 7% in recent trading, surged earlier this year amid hopes Trump would reverse Biden's order. Even with this morning's decline, the stock has gained about 24% since the start of 2025.

-Nisha Gopalan

Intel Levels to Watch Amid Tariff-Induced Price Swings

April 10, 2025 10:50 AM EDT

Intel (INTC) shares tumbled Thursday morning after soaring yesterday, in line with moves by the broader chip sector following yesterday's announcement of a pause in many U.S. tariffs.

After forming adouble topbetween January 2020 and April 2021, Intel shares have trended sharply lower, with a countertrend rally to the 50-month moving average (MA) in December 2023 running into immediate selling pressure.

More recently, bears drove a briefsell-offbelow last year's September low before bulls reclaimed this key level during Wednesday's bullishreversal, potentially setting the stage for follow-though buying. However, investors should brace for further volatility ahead, withtrading volumepicking up in the stock since August last year.

Investors should monitor key overhead areas on Intel's chart near $25 and $35, while also watching a crucial zone of support between $18.50 and $17.

Intel shares were down about 6% at $20.20 in recent trading, giving back some of yesterday's 19% gain. Through the close of trading Wednesday, the stock had lost 44% over the past 12 months amid uncertainty surrounding the chipmaker’srestructuring plansand constant deal speculation.

Read the full technical analysis piece here.

-Timothy Smith

Modelo Parent Constellation Brands Issues Soft Outlook

April 10, 2025 09:55 AM EDT

Constellation Brands (STZ) shares were wavering between gains and losses early Thursday, a day after the alcoholic drinks maker posted a soft outlook for the full year. The company, whichimportsCorona and Modelo beers from Mexico, also announced plans to sell some of its lower-cost wine brands.

For fiscal 2026, Constellation projected adjustedearnings per share (EPS)of $12.60 to $12.90, below the consensus from analysts surveyed by Visible Alpha. The company also slashed its enterprise net sales projection toa decline of 2% to a rise of 1%. Previously, it had projected an increase of 2% to 4%. It also trimmed its fiscal 2027 to 2028 forecasts.

Those lowered projections, Constellation said, reflects "the anticipated impact" of the reciprocal tariffs announced onApril 2as well as those against Canada onMarch 4.

Those changes to its outlook came as Constellation posted fourth-quarter adjusted EPS of$2.63 on net sales of $2.16 billion, ahead of analysts' estimates.

The company also said that as part of a multi-year restructuring, it is also selling some of its lower-cost wine brands. It is keeping those brands “predominantly priced $15 and above” such as Robert Mondavi Winery and Kim Crawford.

Constellation shares fell nearly 5% in the opening minutes of trading but inched into positive territory recently. Coming into Thursday's session, the stock had lost close to a third of its value over the past 12 months.

-Nisha Gopalan

CarMax Earnings Disappoint, Growth Targets Suspended

April 10, 2025 09:30 AM EDT

CarMax (KMX) shares plunged in premarket trading Thursday after the used-car retailer's fiscal fourth-quarter profit and used-vehicle sales came in below analysts' expectations.

The Virginia-based company reportedearnings per share (EPS)of $0.58 on net sales and operating revenue of $6.00 billion, both up from $0.32 and $5.63 billion a year ago.Analysts polled by Visible Alpha, however, had projected $0.68 and $5.99 billion, respectively.

CarMax sold a total of 301,811 used vehicles, including 182,655 retail and 119,156 wholesale units, each below consensus. Analysts were looking for 312,800 units of combined sales, consisting of 185,900 retail and 126,900 wholesale vehicles.

The company didn't give specific financial forecasts for fiscal 2026, but did suspend the timelines for its previously announced long-term growth targets "given the potential impact of broader macro factors."

A year ago, CarMax said it expected to reach 2 million annual vehicle sales between fiscal 2026 and 2030. It said that before it reached that unit figure, it expected annual revenue to reach $33 billion and market share of up to 10-year-old used vehicles to hit 5%.

Analysts have said bothnew and usedcars are likely to becomethousands of dollars more expensive as a result of the Trump administration's tariffs.

CarMax shares, which entered Thursday down 4% over the past 12 months, were down 11% shortly before the opening bell, outpacing the declines on the broader stock market this morning.

-Aaron McDade

Stocks Still Below Pre-'Liberation Day' Levels

April 10, 2025 09:02 AM EDT

Despite Wednesday's historic gains, the major indexes are still below where they were just before Trump announced his plan for sweeping tariffs on April 2, a day the president referred to as "Liberation Day."

For the year, the Dow was down 4.6% coming through Wednesday's close, while the S&P 500 and Nasdaq are down 7.2% and 11.3%, respectively, so far in 2025.

Major Stock Index Futures Lose Ground

April 10, 2025 08:38 AM EDT

Futures tied to the Dow Jones Industrial Average were down 1.3%, or about 500 points.

S&P 500 futures slipped 1.8%.

Nasdaq 100 futures were off 2.3%.